It was a horror. It caused sleepless nights. It was painful. It was often irrational. No, I’m not talking about the prospect of John McCain having access to the nuclear code, but the month of January 2008 for stock investors. From the first trading day of the new year it has been an almost steady decline in equity prices. The S&P 500 had its worst January since 1990, and the Nasdaq had its weakest start to a year EVER. So yesterday, some institutions did some window shopping for some bargains, found them among the home builders and some financials, and the market ended January on an up note. I’m not impressed. It will take more than some bottom fishing to convince me their are serious buyers entering the market. By, the way there is lots of cash on the side-lines, but I don’t think it will be put to work just yet. I’m still expecting more near term downside. Today’s employment report can produce that very easily.